The Platte Corporation issues a 5-year note payable on January 1, Year 1 for $5,000. The interest rate is 5% and the annual payment of $1,156, due each December 31, includes both interest and principal.Which of the following shows the effect of the December 31, Year 1 payment? 
Definitions:
Single Parents
Individuals who are raising children without the involvement of the other parent in the home.
Poverty
The state of having insufficient financial resources or material possessions for a minimum standard of living.
Occupation
A person's principal work or business, especially as a means of earning a living; a profession or job.
Income
Monetary gain derived from work, investments, or social benefits, serving as a measure of economic well-being and resource availability for individuals or households.
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